It is possible to obtain a 5year closed term variable rate mortgage at the spectacular rate of Prime minus .5 to .75 at most Canadian big banks as of today.
There is also talk of another .25% to .5% cut in Prime over the next month.
These rates are available to first time buyers with only 5% downpayment: a great time for them to buy rather than rent. Call me for one-stop shopping ..... and let me show you how. 416 566 7653 direct line Oliver Teekah, Broker
Re/Max Realty Specialists Inc. Brokerage 905 272 3434 . Call today.
www.hotpropertybuy.com
www.oliverteekah.com
Saturday, May 3, 2008
Wednesday, April 16, 2008
Own a home instead of paying $1500 rent
www.hotpropertybuy.com
Why pay $1500 or more rent? It makes more sense to put this money towards living in your own house and accumulating equity through mortgage paydown, and also through equity accumulation, thru house value increases over time.
In Brampton, GTA, for example, a first time buyer may be able to purchase a 4 bedroom detached home for as little as $279000. see my listing April 16 2008 under www.hotpropertybuy.com
If you were to come up with $20,000 you may obtain a 4.75% closed variable 5 year term with a 40 year amortization and pay approximately $1500 with principal and interest and realty (city) taxes INCLUDED. With a good credit score, several big financial institutions will offer these rates today, and rates are expected to fall at least another half a point by June 2008.
This same home commands about $1500 a month rent for a smart LANDLORD. BUT, do you want to rent? Why not be your own landlord?
For more pros and cons about owning your first real estate investment,or to find out about zero down payment options for home ownership, call Oliver Teekah, Broker, Re/Max Realty Specialists Inc, Brokerage. 905 272 3434 or direct 416 566 7653 www.hotpropertybuy.com
Why pay $1500 or more rent? It makes more sense to put this money towards living in your own house and accumulating equity through mortgage paydown, and also through equity accumulation, thru house value increases over time.
In Brampton, GTA, for example, a first time buyer may be able to purchase a 4 bedroom detached home for as little as $279000. see my listing April 16 2008 under www.hotpropertybuy.com
If you were to come up with $20,000 you may obtain a 4.75% closed variable 5 year term with a 40 year amortization and pay approximately $1500 with principal and interest and realty (city) taxes INCLUDED. With a good credit score, several big financial institutions will offer these rates today, and rates are expected to fall at least another half a point by June 2008.
This same home commands about $1500 a month rent for a smart LANDLORD. BUT, do you want to rent? Why not be your own landlord?
For more pros and cons about owning your first real estate investment,or to find out about zero down payment options for home ownership, call Oliver Teekah, Broker, Re/Max Realty Specialists Inc, Brokerage. 905 272 3434 or direct 416 566 7653 www.hotpropertybuy.com
Friday, March 21, 2008
Mortgage rates keep falling in Canada.
Mortgage rates keep falling in Canada.
This trend is expected to continue for the rest of the year 2008. Consumers taking out new mortgages or refinancing are well advised to take a variable mortgage rate product that is well discounted (for example, Prime rate -1%) and with a long term option (5years available in the market place today).
This trend is expected to continue for the rest of the year 2008. Consumers taking out new mortgages or refinancing are well advised to take a variable mortgage rate product that is well discounted (for example, Prime rate -1%) and with a long term option (5years available in the market place today).
Thursday, March 20, 2008
Mortgage rates keep falling in canada
At March 20 2008
As predicted by the experts, mortgage rates keep falling in Canada. There is now consensus by most economists that rates will continue to fall, and settle down after the U.S elections in the fall of 2008, or early in 2009.
As of today, the prime rate in Canada is now 5.25%, and this is expected to fall again next week.
Of course, those taking on new mortgages or refinancing are well advised to go with long-term variable rate, negotiating for an attractive rate discount like Prime-1% (now 4.25% in Canada), especially given the mortgage market climate and other macro factors today. This is definitely not the time to lock in to 'fixed rate' mortgages for most people, given availability and flexibility in the primary mortgage market.
Caution: do not be tempted by 'teaser rates' offered by some. Always read the small print and beware of escalation of mortgages interest rate and costs with this feature - the culprit in the subprime mortgage market meltdown in the U.S. (less so for Canada.
As predicted by the experts, mortgage rates keep falling in Canada. There is now consensus by most economists that rates will continue to fall, and settle down after the U.S elections in the fall of 2008, or early in 2009.
As of today, the prime rate in Canada is now 5.25%, and this is expected to fall again next week.
Of course, those taking on new mortgages or refinancing are well advised to go with long-term variable rate, negotiating for an attractive rate discount like Prime-1% (now 4.25% in Canada), especially given the mortgage market climate and other macro factors today. This is definitely not the time to lock in to 'fixed rate' mortgages for most people, given availability and flexibility in the primary mortgage market.
Caution: do not be tempted by 'teaser rates' offered by some. Always read the small print and beware of escalation of mortgages interest rate and costs with this feature - the culprit in the subprime mortgage market meltdown in the U.S. (less so for Canada.
Subscribe to:
Posts (Atom)
